Income Tax Assessment Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-45
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RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 405
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Above-average special professional income of authors, inventors, performing artists, production associates and sportspersons
Subdivision 405-C
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Taxable professional income and average taxable professional income
SECTION 405-45
405-45
Working out your taxable professional income
Your taxable professional income for an income year is the amount (if any) by which your * assessable professional income for that year exceeds the amount of your deductions for that year worked out as follows: Method statement
Step 1.
Step 2.
Step 3.
View history note
Hide history noteYour taxable professional income for an income year is the amount (if any) by which your * assessable professional income for that year exceeds the amount of your deductions for that year worked out as follows: Method statement
Step 1.
Add up any amounts you can deduct for that year (except * apportionable deductions), so far as they reasonably relate to your * assessable professional income for the year.
Step 2.
Work out the amount using the formula:
| *Apportionable
deductions |
× |
(*Assessable professional income
−
Sum from Step 1)
Taxable income + *Apportionable deductions |
Note:
The result may be greater than the apportionable deductions. Also, it may be negative.
Step 3.
Add the sum from Step 1 to the result from Step 2. If the result is more than nil, it is the amount of your deductions to be subtracted from your * assessable professional income.
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